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Free AccessOil Products Summary at European Close: Diesel Eases after Russia Ban
Diesel markets have steadied after the initial surge higher yesterday on the reports of the ban on Russian diesel and gasoline exports. The European Gasoil-Brent spread is today holding steady at 34.5$/bbl but below the peak of just over 37$/bbl yesterday. The risk of tight global supplies has helped maintain the strong curve backwardation.
- Gasoil OCT 23 down -2.5% at 982.25$/mt
- ULSD OCT 23 down -0.5% at 3.35$/gal
- EU Gasoil-Brent down -0.9$/bbl at 33.55$/bbl
- US ULSD crack down -1.4$/bbl at 47.24$/bbl
- Russia gasoline/diesel ban is likely to last 6-week according to Citi analysts. The bank said a prolonged ban of these fuels would not be in Russia’s interests and it could end up shutting in crude production.
- JP Morgan expects the ban to last a “couple of weeks, until harvest concludes in October.”
- According to industry consultant FGE, “Once domestic supplies are replenished, Russia will have to resume exports due to a lack of spare storage capacity.” At the latest, Russian diesel exports are expected to resume in two weeks, possibly earlier, FGE said.
- Russian wholesale gasoline and diesel prices are tumbling Friday after the ban on exports of the grades from the country. Prices for Russia's wholesale gasoline Ai-92 grade fell by 9.7% on the St. Petersburg International Mercantile Exchange (SPIMEX) on Friday. Diesel prices were down by 7.5%.
- Bloomberg vessel tracking has flagged clean tankers bound for Russian diesel exporting ports going under anchorage because of yesterdays ban.
- Extraction from the Groningen gas field in the northeastern Netherlands will come to a halt in October this year, according to government statement.
- ATA expects the air travel demand in the Asia-Pacific to recovery to 2019 levels next year, according to Willie Walsh, Director General of International Air Transport Association, speaking at the 2023 North Bund International Aviation Forum in Shanghai.
- Russia’s halt to exports of diesel and gasoline will “aggravate” an already tight oil market ahead of winter, according to the IEA as reported by the FT.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.